Spokesmen for the two companies would not comment about the meetings, which reportedly have been ongoing for the previous year. Honeywell did not immediately respond to a request for comment. The discussion mainly focused on a merger of equals, although UnitedTechnologies would come under Honeywell’s control.

The proposed transaction would combine Honeywell International Inc. and United Technologies Corp., which make everything from elevators and thermostats to jet engines and landing gear.

Late previous year, Honeywell approached UnitedTechnologies about a deal. While everyday consumers won’t likely notice a difference in their day to day lives, it’s important to note that both companies have a strong presence in the United States and overseas – simply put, they’re big employers, and a merger could mean less competition for skilled workers, but it might mean more jobs for those workers given that UnitedTechnologies has been cutting jobs recently.

UTC was forced to lower per-share earnings estimates twice past year, sending its shares tumbling. Shares of Honeywell, which had risen 2.5% over the past year through Friday, fell 2% Monday to $105.17. Its share price has plunged about 24 percent over the past 12 months and is down about 2 percent for the year. Also, UTC used its $6 billion in net proceeds from the 2015 Sikorsky sale to Lockheed, to buy back shares – effectively shrinking the company.

One analyst said a merger would be able to pass regulators as there are other competitors. The company also doubts whether the $3.5 billion cost-savings estimate includes sufficient restructuring costs, this person said.

It’s not the first time Honeywell has tried to acquire UnitedTechnologies, though. That deal, which would have been the largest in GE’s history, was blocked in 2001 by European antitrust regulators.